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Income Taxes | 3 Months Ended
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Mar. 31, 2020
Income Tax Disclosure [Abstract] |
Income Taxes | (6) INCOME TAXES We evaluate and update our annual effective income tax rate on a quarterly basis based on current and forecasted operating results and tax laws. Consequently, based upon the mix and timing of our actual earnings compared to annual projections, our effective tax rate may vary quarterly and may make comparisons not meaningful. Income tax expense was as follows (in thousands):
|  | Three Months Ended March 31, |  |
| 2020 |  |  |  | 2019 |  |
Income tax expense | $ | 50,218 |  |  | $ | 5,688 |  |
Effective tax rate |  | 25.7 | % |  |  | 80.0 | % |
Income taxes for discrete items are computed and recorded in the period that the specific transaction occurs. For the three months ended March 31, 2020 and 2019, our overall effective tax rate was different than the federal statutory rate due primarily to state income taxes (including adjustments to state income tax valuation allowances), equity compensation and other tax items which are detailed below (in thousands).
|  | Three Months Ended March 31, |  |  |
| 2020 |  |  |  | 2019 |  |  |
Total income before income taxes | $ | 195,193 |  |  | $ | 7,107 |  |  |
U.S. federal statutory rate |  | 21 | % |  |  | 21 | % |  |
Total tax expense at statutory rate |  | 40,991 |  |  |  | 1,492 |  |  |
State and local income taxes, net of federal benefit |  | 5,803 |  |  |  | 818 |  |  |
Equity compensation |  | 3,843 |  |  |  | 3,391 |  |  |
Change in valuation allowances: |  |  |  |  |  |  |  |  |
Federal net operating loss carryforwards |  | (1,313 | ) |  |  | — |  |  |
State net operating loss carryforwards and other |  | 2,800 |  |  |  | 352 |  |  |
Other |  | (537 | ) |  |  | 231 |  |  |
Permanent differences and other |  | (1,369 | ) |  |  | (596 | ) |  |
Total expense for income taxes | $ | 50,218 |  |  | $ | 5,688 |  |  |
Effective tax rate |  | 25.7 | % |  |  | 80.0 | % |  |

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 + Details
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